PEZA chief assures help for LGU ecozone projects

CEBU, Philippines - Plaza made the promise stressing she very well knows how intensive the capitalization requirement for such investment.

She added that PEZA is planning to tap state-run banks, including the Japan Bank for International Cooperation (JBIC), and other private banks to open up their credit facilities for LGUs.

"We are encouraging banks to provide credit access to LGUs for this reason," said Plaza.

 In a separate interview, Cebu Chamber of Commerce and Industry (CCCI) president Melanie Ng said the chamber has already expressed its willingness to support the interest of LGUs to put up economic zones in their respective towns and cities within Cebu province.

 "We are supportive of the administration's initiative to put up economic zones outside of urban centers," said Ng in an interview.

 Ng said this move could help foreign companies, like the Japanese investors who expressed their interest to bring in technology in agriculture and agri-business opportunities in the Philippines, particularly Cebu.

  Aside from luring more FDIs (foreign direct investments) through building more economic zones, local companies could also avail of the perks and incentives uniquely offered by PEZA.

  The establishment of countryside economic zones could also offer opportunities for LGUs to pursue PPP (private-public-partnership) with local investors interested to venture into this kind of project.

Economist Bernardo Villegas earlier said that the demand from Japan is "overwhelming" and currently the economic zones in the country cannot cater to all of the demand,” said Bernardo adding that the Philippines should move on to establishing more economic zones to maximize the opportunity.

University town Dumaguete City for instance, with its ample supply of graduates, Bernardo suggested, can be a good area for economic zone expansions.

"We are also right at the middle of everything and has a very good potential to become the gateway for global companies to enter the ASEAN market."

Plaza added that the creation of an economic zone in a particular municipality will not only provide job opportunities for residents, but will likewise increase the revenue generation of a town or city. (FREEMAN)